The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-02-03
GOBBLING ADMISSION, ALA.
HOW IT WAS DONE BY NEW YORK
CAPITALISTS,
for Three millions Of
Dollars.

NRw York, February 1.-The Her.
aid tells how Admission was gobbled
by New York capitalists: II is the
city OF Admission, In Alabama, which
in 1870 had no existence at all. The
mere ruins Of an iron furnace were
then there-that Is all. Today II has
population OF over 5000 souls. And
yet, Notwithstanding this purchase
by this New York syndicate, these
5000 people are all happy.
Two gentlemen, Samuel Noble and
Alfred l.. Tyler, bought for mere
triAe the acres containing the deposits
Of iron ore there alter the war OF the
rebellion was overil small city soon
grew up, and the Mobiles and Tylers
soon became mere monopolists. Some
shrewd Northerners visited the vicin-
ity, the matter was talked about, the
people were consulted, and the people
did rot like the monopoly.
Northern capital is exceedingly well
come in some OF these Southern
towns. And 90 II happened that a
syndicate OF Northern energetic CAPT.
talists was formed. They inquired,
they investigated, they negotiated and
they bought on the 18th day OF Janu-
airy, In the year OF our Lord 1887, the
entire town OF Annitton for So, 900 900,
the town occupying 2S00 acres OF land
and also the iron furnaces for another
100000 thus making the entire
capital investtd $8,000,000.
Among the leading subscribers to
this fund were Lehman & Co., cotton
merchants OF New York, Montgomery
and NeT Orleans; William IL. Woods,
capitalist, New York; Frederick Tay-
lor 4 Company, brokers, New York
Alfred Tyler, capitalist, New York; p.
J. Goodheart 4 Co., bankers, New
York Jefferson NJ. Levy, New York,
and L. Napoleon Levy, relatives OF the
late Commodore Lsvy.
Two companies were formed by this
syndicate. One under the name OF
the Admission Company, for real estate
purposes; the other for working the
iron furnaces, with which some TO-
GOO acres oil mineral lands were SO.
cured.
eyes, sir, have Just returned from
Alabama with one Of the Lshmans,
said L. Napoleon Levy yesterday, "and
the enterprise is one OF which we all
feel proud. We seek no newspaper
notoriety, as the entire business is rum
ming itself. II is only about two weeks
ago that our negotiations were closed
and one-hali OF the cash paid down,
some 81 SOC, 900, besides there is now
$4,000 on deposit in the Admission
bank. Since that time, on January
Path, we held an auction sale and sold
numerous acres, which realized an az
sregate Of $277 900. The highest price
secured was $500 per front foot, the
lowest $50. That was the frat day, and
the next day, during only two hours,
100000 worth Of property was sold.
All these people paid % per cent. cash
down. You mutt know that this
town Is on the East Tennessee, Wiz.
Rinia and Georgia railroad, and ID
touched by other railroad lines only
nifty miles from Birmingham, and the
iron ore product there has not even
been scratched. There was quite 4
speculation in real estate after We
stopped the company's sales. The
iron industry is, however, the great at
traction there, as it can be produced
much cheaper than in Pennsylvania
say at $ll per ton. There is an excel
lent hotel there, where ] stopped fol
ten days. There Is an Episcopa
church, q bank and a cotton mill
which last year paid very handsome
return. intend TO 20 back Their,
shortly. In the meantime Col. Nc
Kilroy has charge Of the syndicate
interests,